股权融资还是债务融资——绩效反馈与融资决策的关系研究

Equity Financing or Bond Financing?Research on the Relationship between Performance Feedback and Financing Decisions

目前已有的文献对于企业股权融资和债务融资的决策动机尚未得出一致的结论。基于企业行为理论,探讨业绩期望差距对于融资决策行为的影响及其影响机制,利用中国2011—2017年沪深A股数据实证得到以下结论:当企业的实际绩效与期望绩效差距的绝对值越大时,即实际经营结果与预期期望相差越远时,企业更倾向于股权融资。同时,本文进一步考虑外部利益相关者分析师和公众媒体带来的调节作用,企业的非完全理性经理人所作出的管理决策会受到外部利益者的影响。因此,利益相关者带来的外部压力削弱了业绩期望差距与企业经理人所作出的融资决策关系。

At present,the existing literature has not reached a consistent conclusion on the motivation of corporate equity financing and debt financing decision-making.Based on the theory of enterprise behavior,this paper explores the impact of performance expectation gap on financing decision-making behavior and its influencing mechanism.Empirical analysis of Shanghai and Shenzhen A-share data from 2011 to 2017 shows that when the absolute value of the gap between actual performance and expected performance is larger,that is,when the actual operating results are far from expected,the enterprises prefer equity financing.At the same time,this paper further considers the regulatory role of external stakeholder analysts and the public media.From the perspective of behavioral theory,the analysis shows that the management decisions made by enterprise’s irrational managers will be influenced by external stakeholders.Therefore,the external pressure brought by stakeholders weakens the relationship between performance expectation gap and financing decisions made by managers.